Compelling question raised by this India Financial Express article, but we’re not sure its background facts are correct:
"Although there are no accurate estimates of the size of the sector in India, what is certain is that only a small percentage (2-3%) of the global demand has been tapped. For instance, in the US alone, the legal sector is estimated to be worth $166 billion, employing approximately one million attorneys and 500,000 support paralegals and assistants. On the other hand, the total employee base engaged in providing offshore legal services from India is estimated to be 600-700, indicating significant opportunity for future growth."
One area that confused us was the number of U.S. paralegals & attorneys reported in this article, so we looked it up. Sure enough, the U.S. Bureau of Labor Statistics reported much smaller numbers for both paralegals & attorneys. "Paralegals and legal assistants held about 224,000 jobs in 2004." The BLS also reported that "lawyers in the U.S. held about 735,000 jobs in 2004."
So, what’s up with the inflated numbers? Trying to encourage moving more legal work from the U.S. to India? Maybe, if we’re interpreting these further paragraphs from the article correctly:
Please tell us what you think!!